Plans were announced Wednesday for a new residential condominium tower in Kakaako.

Vida at 888 Ala Moana Blvd. will be a 38-story tower with approximately 265 two- and three-bedroom units and street-fronting floors reserved for commercial tenants.

It will be built on 3.44 acres currently occupied by the Cutter family of auto dealerships.

The project is helmed by developers Kobayashi Group and The MacNaughton Group, the team behind Capitol Place, Hokua and the sold-out ONE Ala Moana. It is part of Kamehameha Schools Kaiaulu ‘o Kakaako master plan.

Sales prices for Vida remain preliminary, but are projected to be approximately $600 to $2,500 per square foot, which would be comparable to ONE Ala Moana.

Sales will be handled by Heyer & Associates, LLC and are scheduled to begin later this year.

The developers plan to submit a development permit application with Hawaii Community Development Authority within the next 90 days.